中国宏桥2025上半年利润创历史新高，机构继续看好公司估值和股息率

Core Viewpoint - China Hongqiao (01378.HK), a leading aluminum producer, reported strong financial results for the first half of 2025, achieving record highs in both revenue and profit despite a high comparative base from the previous year [1][4]. Financial Performance - In the first half of 2025, China Hongqiao achieved revenue of approximately 81.04 billion yuan, a 10.1% increase from 73.59 billion yuan in the same period last year [2]. - The company reported a net profit attributable to shareholders of 12.36 billion yuan, a significant increase of 35% from 9.16 billion yuan year-on-year [2]. - Basic earnings per share rose by approximately 36% to 1.314 yuan compared to the same period last year [2]. Market Position and Strategy - China Hongqiao is recognized as a global leader in aluminum manufacturing, integrating various sectors such as thermal power, mining, alumina, aluminum alloys, and new materials [4]. - The company's revenue growth is attributed to increased sales prices and volumes of aluminum alloy and alumina products [4]. - The company sold 2.906 million tons of aluminum alloy products in the first half of the year, a 2.4% increase year-on-year, with an average selling price rising by 2.7% to 17,853 yuan per ton [4]. Stock Performance and Buyback Plans - China Hongqiao's stock price has surged over 110% this year, making it one of the best-performing stocks in the Hong Kong market [8]. - The company announced a new share buyback plan, intending to repurchase at least 3 billion Hong Kong dollars worth of shares, following a total expenditure of over 2 billion yuan on buybacks in the first half of the year [1][9]. - The company has a strong history of cash dividends, with an average payout ratio close to 40% since its listing in 2006, and plans to maintain stable dividends for shareholders [8]. Future Outlook - The chairman of China Hongqiao emphasized the company's integrated supply chain and proactive overseas resource acquisition as key factors for maintaining cost advantages and profitability [5]. - Analysts view the company's investment value positively, citing its strong earnings growth and favorable supply-demand dynamics in the aluminum industry [11].